China-UK Financial Cooperation Explored During the CEIBS London Forum
The opportunities for China and the UK to collaborate within the financial sector in today’s post-Brexit, fintech and big data focused environment was explored in depth during a forum co-hosted by China’s leading international business school last Friday. --Report by Charmaine N. Clarke
Posted by Times News on Monday, 23rd July 2018
“A financial service company that provides the most efficient, best quality, and lowest cost financial services while substantially controlling risk is the ultimate success,” said Prof. Jianqing JIANG, Chairman of the SINO-CEEF Capital Management Company that has financial oversight over the China-led Belt and Road Initiative. He is also former Chairman of Industrial and Commercial Bank of China (ICBC) and currently as well as Director of CEIBS Lujiazui Institute of International Finance in Shanghai.“Companies that deviate from the very essence of the financial markets and fail to prevent and control financial risk cannot survive for long,” Prof. Jiang warned. He stressed the need for China and Britain to work closely together to harness fintech while also ensuring that clear rules are in place. “We will further promote cooperation in financial innovation and green finance, strengthen financial risk prevention and control as well as regulatory policies,” he said. “strengthen network security, data security and consumer protection, find innovative models for supervision, enhance regulatory capabilities, and achieve a balance between risk prevention and control and innovative development.”
In keeping with the event’s overall theme, Prof. Jiang also spoke of other potential opportunities for collaboration – in the area of fintech – between China and the UK, pointing out that both sides have their own unique advantages. “China’s huge market potential has attracted a large amount of international capital and talent, and some of the most ambitious financial technology companies in the UK have begun to actively explore opportunities in the Chinese market,” he said. “Given the depth and strong innovative capabilities of the world’s leading Chinese and British fintech industries, there are numerous cross-border investment opportunities available in the sector between the two countries,” he added.
Earlier during the day, the benefits of Sino-UK collaboration were also emphasised by Mr. Qin ZHU, Minister of the Chinese Embassy in the UK. Pointing to milestones in the relationship – including the 15th anniversary of the China-EU Comprehensive Strategic Partnership – he told the audience of more than 300 people that there will be even more opportunities for financial cooperation with the launch of the Shanghai-London Stock Connect later this year. He also spoke of opportunities for China and Britain to collaborate on the Belt and Road Initiative, saying the project will “bring out the potential for cooperation” between both sides.
That was a point also raised by Sir Douglas Flint, the UK’s Special Envoy to the BRI. “Through harnessing the BRI expertise within China and third countries and building incremental global financing capacity through the international financial and professional services community based in the UK, we can help the BRI meet its economic and commercial objectives,” he said.
“I am encouraged by the fact that in recent years, no two countries have done more to prepare global capital markets for the twenty-first century than the UK and China working together,” added Flint, the former head of HSBC.
Throughout the day, there were also two panel discussions that respectively examined the big data ecosystem and security, and how AI can empower the fintech industry.
Editor : Jian Ping Sun